Devon Energy Corp (NYSE: DVN) shares are trading lower in Tuesday’s after-hours session after the company reported fourth-quarter results.
What Happened: Devon Energy reported adjusted fourth-quarter earnings of $1.66 per share, which missed average analyst estimates of $1.75 per share, according to data from Benzinga Pro.
Operating cash flow totaled $1.9 billion in the fourth quarter, up 18% year-over-year, resulting in $1.1 billion in free cash flow for the quarter.
Devon Energy said production averaged 636,000 oil-equivalent barrels per day in the fourth quarter. The company’s production was reduced by 2% due to the impact of severe winter weather across its portfolio.
“With our powerful suite of assets and financially driven strategy, our oil production reached a new all-time high, our streamlined cost structure captured the full benefit of rising commodity prices, and our disciplined reinvestment rates allowed us to generate a record-setting amount of free cash flow during the year,” said Rick Muncrief, president and CEO of Devon Energy.
“As I look to 2023, there will be no change to our disciplined approach to the business,” the CEO added.
Devon Energy sees first-quarter production of approximately 635,000 oil-equivalent barrels per day. Full-year 2023 production is expected to range from 643,000 to 663,000 oil-equivalent barrels per day.
Devon Energy also declared a fixed-plus-variable dividend of 89 cents per share. The dividend is payable on March 31 to shareholders of record at the close of business on March 15.
DVN Price Action: Devon Energy shares are down 4.78% after hours at $60.90 at the time of publication, according to Benzinga Pro.
Photo: Jernej Furman from Flickr.
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Why Devon Energy Stock Is Down After Hours originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Source: finance.yahoo.com